Final Terms dated September 28, 2015

Transcription

1 Final Terms dated September 28, 2015 in relation to the Base Prospectus in accordance with Section 6 of the German Securities Prospectus Act (Wertpapierprospektgesetz) GOLDMAN, SACHS & CO. WERTPAPIER GMBH Frankfurt am Main (Issuer) 5,000,000 Turbo Long Certificates linked to AEX-Index ISIN: NL WKN: GL4ELU Valor: Commoncode: Mnemonic: 5701H Tranche identifier: I070J-6ZO Issue Price: EUR 1.48 unconditionally guaranteed by The Goldman Sachs Group, Inc. New York, United States of America (Guarantor) Goldman Sachs International, Frankfurt Branch (Offeror) These Final Terms relate to the Base Prospectus dated 18 May 2015 (as supplemented by the Supplements dated 17 July 2015 and 6 August 2015 and as further supplemented from time to time).

2 The subject of the Final Terms are Turbo Long Certificates (Product No. 37 in the Base Prospectus Turbo Long Certificates with Multiplier and with American Exercise Style) linked to AEX-Index (categorised as an Index in the Base Prospectus) (the "Securities" or the "Warrants"), which are issued by Goldman, Sachs & Co. Wertpapier GmbH, Frankfurt am Main, Federal Republic of Germany, (the "Issuer"). The Final Terms have been prepared for the purpose of Article 5(4) of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as lastly amended by the Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010) (the "Prospectus Directive") and must be read in conjunction with the Base Prospectus dated 18 May 2015 (as supplemented by the Supplements dated 17 July 2015 and 6 August 2015 and as further supplemented from time to time) (the "Base Prospectus") including the documents incorporated by reference. Full information on the Issuer, the Guarantor and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus, including the documents incorporated by reference. The Final Terms to the Base Prospectus are represented in the form of a separate document according to Article 26(5) of the Commission Regulation (EC) No 809/2004 of 29 April 2004, as amended (the "Prospectus Regulation"). The Base Prospectus, any supplements thereto and the Final Terms are published by making them available free of charge at Goldman Sachs International, Frankfurt Branch, MesseTurm, Friedrich-Ebert-Anlage 49, Frankfurt am Main, and in another form as may be required by law. Furthermore, these documents are published in electronic form on the website An issue-specific summary, fully completed for the Securities, is annexed to these Final Terms.

3 ISSUE SPECIFIC TERMS The following Issue Specific Terms set out the product specific terms (the "Product specific terms") of the respective type of Securities (Product No. 37 in the Base Prospectus) and, in addition, the general terms (the "General terms") which supplement the General Conditions set out in the Base Prospectus and which are applicable to the Securities. Part A Product specific terms Settlement Amount The Settlement Amount equals, subject to the occurrence of a Knock-Out Event pursuant to Section 6 of the General Conditions, the amount by which the Reference Price exceeds the Current Strike prior to the Adjustment Time, multiplied by the Multiplier, i.e. Settlement Amount = (Reference Price Current Strike) x Multiplier The Settlement Amount is at least zero (0). Adjustment Date Each Calculation Date which is also a Business Day. Adjustment Time 24:00 (GMT) First Strike Adjustment Date September 28, 2015 Initial Interest Margin 2% Initial Knock-Out Buffer 2% Initial Reference Price EUR Knock-Out Barrier The Knock-Out Barrier on the Strike Date is EUR The Knock-Out Barrier will be regularly adjusted pursuant to Section 10 of the General Conditions. Adjustment of Knock-Out Barrier Yes Knock-Out Barrier Rounding Amount EUR 0.1 Knock-Out Base Amount Knock-Out Event Touch Knock-Out Price The Knock-Out Price of the Underlying corresponds to the continuously determined and published prices for the Underlying on Calculation Dates. Knock-Out Settlement Amount Rounding 2 decimal places, commercially rounded Knock-Out Settlement Period 3 Calculation Hours following the occurrence of the Knock-Out Event Maximum Interest Margin 6% Maximum Knock-Out Buffer 7% Multiplier 0.1 Adjustment of Multiplier No Observation Date Each Calculation Date during the Observation Period Observation Hours Observation Hours correspond to the Calculation Hours Observation Period Period from September 28, 2015 (including) to the Final Valuation Date (including) Strike The Strike on the Strike Date is EUR The Strike will be regularly adjusted pursuant to Section 8 of the General Conditions. Adjustment of Strike Yes Reference Price Underlying Price on the Final Valuation Date Reference Rate ICE EUR Overnight LIBOR (ICE stands for Intercontinental Exchange and LIBOR stands for London Interbank Offered Rate) Reference Rate for the Base Currency Reference Rate for the Reference Currency Reference Rate Screen Page Reuters: LIBOR01

4 Reference Rate Screen Page for the Base Currency Reference Rate Screen Page for the Reference Currency Strike Date September 24, 2015 Strike Rounding Amount EUR Part B - General terms Terms in relation to Security Right, Status, Guarantee, Definitions (Section 1 of the General Conditions) Settlement Cash Currency Conversion Aggregation Fractional Cash Amount Exchange Rate Exchange Rate Sponsor Final Valuation Date As specified in Section 1 (4) of the General Conditions Initial Valuation Date September 24, 2015 Physical Delivery Amount Physical Delivery Unit Reference Currency EUR Relevant Exchange Date Settlement Amount Rounding 2 decimal places, commercially rounded Settlement Currency EUR Settlement Date 3rd Payment Date following the Final Valuation Date or the occurrence of a Knock-Out Event or the Termination Date Valuation Date Date of Programme Agreement Date of Agency Agreement Date of Deed of Covenant Italian Listed Securities Terms in relation to Exercise (Section 2 of the General Conditions) Automatic Exercise Renouncement Notice Cut-Off Time Bermuda Exercise Dates Business Day Each day on which commercial banks are open for business in Frankfurt am Main. Minimum Exercise Amount 1 Security(-ies) Integral Exercise Amount Maximum Exercise Amount Exercise Right of the Issuer Exercise Amount Rounding Exercise Period The Exercise Period begins on October 1, 2015 and is indefinite, subject to a Termination of the Securities or the occurrence of a Knock-Out Event Exercise Style American Exercise Style Exercise Time 11:00 AM CET ICSD Prescribed Time Local Exercise Time Terms in relation to Settlement (Section 3 of the General Conditions) Clearing System Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V., the Dutch Central Securities Depositary, Herengracht 459, 1017BS Amsterdam, the Netherlands

5 Disruption Settlement Amount Terms in relation to Coupon Payment (Section 4 of the General Conditions) Terms in relation to Barrier Event (Section 5 of the General Conditions) Terms in relation to Knock-Out Event (Section 6 of the General Conditions) Definitions relating to the Knock-Out Event are set out in the Product specific terms above Terms in relation to Stop-Loss Event (Section 7 of the General Conditions) Terms in relation to Adjustment of Strike (Section 8 of the General Conditions) Definitions relating to the Adjustment of Strike are set out in the Product specific terms above Terms in relation to Adjustment of Multiplier (Section 9 of the General Conditions) Terms in relation to Adjustment of Knock-Out Barrier (Section 10 of the General Conditions) Definitions relating to the Adjustment of Knock-Out Barrier are set out in the Product specific terms above Terms in relation to Adjustment of Stop-Loss Barrier (Section 11 of the General Conditions) Terms in relation to Ordinary Termination Right of the Issuer (Section 12 of the General Conditions) Ordinary Termination Right of the Issuer Applicable Termination Notice Time Span 1 month Termination Period Time span commencing on the October 1, 2015 (including) Terms in relation to Transferability, Security Holder (Section 13 of the General Conditions) Minimum Trading Number 1 Security(-ies) Permitted Trading Multiple Terms in relation to Agents (Section 14 of the General Conditions) Calculation Agent Goldman Sachs International, Peterborough Court, 133 Fleet Street, London EC4A 2BB, England Principal Programme Agent Goldman Sachs AG, Friedrich-Ebert-Anlage 49 (Messeturm), Frankfurt am Main Registrar Dutch Paying Agent Citibank International plc, 33 Canada Square, E14 5LB London, UK Additional Agent(s) Terms in relation to Notices (Section 17 of the General Conditions) Website Terms in relation to Modifications (Section 18 of the General Conditions) Securities Exchange Euronext Amsterdam Terms in relation to Governing Law, Place of Jurisdiction (Section 19 of the General Conditions) Securities German Securities Euroclear Netherlands Registered Securities Applicable Governing Law German Law Terms in relation to Share Linked Provisions Terms in relation to Index Linked Provisions Single Index or Index Basket Single Index

6 Name of Index(ices) AEX-Index (Reuters Code:.AEX) (the "Index" or the "Underlying") Exchange(s) All exchanges where the Index constituents are listed Related Exchange(s) All Exchanges Options Exchange Related Exchanges Calculation Date As specified in Index Linked Provision 8 Calculation Hours Usual hours during which the Index is calculated and published. Index Sponsor Euronext Amsterdam N.V. Underlying Price The official closing price of the Underlying as determined and published by the Index Sponsor. Valuation Time As specified in Index Linked Provision 8 Scheduled Reference Date(s) Final Valuation Date Index-Linked Derivatives Contract Provisions Single Index and Reference Dates Applicable as specified in Index Linked Provision 1.1 Consequences of Disrupted Days Maximum Days of Disruption As specified in Index Linked Provision 8 No Adjustment Single Index and Averaging Reference Dates Consequences of Disrupted Days Index Basket and Reference Dates Basket Valuation (Individual Scheduled Trading Day and Individual Disrupted Day) Index Basket and Averaging Reference Dates Basket Valuation (Individual Scheduled Trading Day and Individual Disrupted Day) Index Basket and Reference Dates Basket Valuation (Common Scheduled Trading Day but Individual Disrupted Day) Index Basket and Reference Dates Basket Valuation (Common Scheduled Trading Day and Common Disrupted Day) Fallback Valuation Date Change in Law Applicable Hedging Disruption Applicable Increased Cost of Hedging Applicable Correction of Underlying Price Applicable Correction Cut-off Date Applicable Dividend Amount Provisions Terms in relation to FX Linked Provisions Terms in relation to Commodity Linked Provisions Terms in relation to Futures Contract Linked Provisions Terms in relation to Interest Rate Linked Provisions

7 OTHER INFORMATION Interest of natural and legal persons involved in the issue/offer For interests of individuals or legal entities involved in the issue as well as potential conflicts of interests resulting from this, see under "4. Risk factors associated with conflicts of interest between Goldman Sachs and Security Holders" in section "II.C. Risk Factors relating to the Securities" of the Base Prospectus. Conditions of the offer, Offeror and Issue Date of the Securities Date of the underwriting agreement September 28, 2015 Start of offer in Belgium, France, Luxembourg and The Netherlands September 28, 2015 Issue Date September 30, 2015 Listing and Trading Euronext Amsterdam Issue Price, Fees and Commissions The Issue Price is EUR In respect of the Securities the Offeror allows a maximum commission for each year in an amount of up to 50 per cent. of the Maximum Interest Margin per annum on the Current Strike in the secondary market taking into account the Multiplier. The Issuer will not charge the subscriber or purchaser any costs over and above the Issue Price or the purchase price. Non-exempt offer in the European Economic Area (EEA) In respect of offering in the European Economic Area (EEA), an offer of the Securities may be made within the scope of the consent to use the prospectus granted below by the offeror and/or each further credit institution subsequently reselling or finally placing Securities other than pursuant to Article 3 (2) of the Prospectus Directive in Belgium, France, Luxembourg and The Netherlands (the "Offer State(s)") during the period from, and including, the start of offer in the respective Offer State to, and including, the expiring of the validity of the Base Prospectus pursuant to Section 9 of the German Securities Prospectus Act (the "Offer Period"). Consent to use of Prospectus The Issuer consents to the use of the Base Prospectus and these Final Terms by all financial intermediaries (general consent). General consent for the subsequent resale or final placement of Securities by the financial intermediaries is given in relation to the Offer State(s) during the Offer Period during which subsequent resale or final placement of the Securities can be made, provided however, that the Base Prospectus is still valid according to Section 9 of the German Securities Prospectus Act. Information relating to the Underlying and/or Basket Component The information about the relevant Underlying and/or Basket Components consists of excerpts and summaries of publicly available sources, which may have been translated into the English language. The Issuer confirms that this information has been accurately reproduced and that as far as the Issuer is able to ascertain from publicly available information no facts have been omitted, which would render the reproduced information, which may have been translated into the English language, inaccurate or misleading. Neither the Issuer nor the Offeror accepts any other or further responsibilities in respect of this information. In particular, neither the Issuer nor the Offeror accepts any responsibility for the accuracy of the information in relation to the relevant Underlying and/ or Basket Components or provide any guarantee that no event has occurred which might affect the accuracy or completeness of this information. Description of the Underlying and/or Basket Components The relevant Underlying is the AEX-Index. AEX-Index is a price index. The index level of a price index is determined mainly by the prices of its constituents. Dividends and capital changes are generally not considered. If dividends are paid, the price index also reflects markdowns. Information about the past and future performance and volatility of the Underlying and/or of the respective Basket Components is available on the following website(s): The Issuer accepts no responsibility for the completeness or accuracy or for the continuous updating of the content contained on the specified websites. License agreement Euronext N.V. or its subsidiaries holds all (intellectual) proprietary rights with respect to the Index. Euronext N.V. or its subsidiaries do not sponsor, endorse or have any other involvement in the issue and offering of the product. Euronext N.V. and its subsidiaries disclaim any liability for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the issue and offering thereof. AEX-Index is/are registered trademark(s) of Euronext N.V. or its subsidiaries. Publication of post-issuance information Except for the notices referred to in the Conditions, the Issuer does not intend to publish any post-issuance information.

8 ANNEX ISSUE SPECIFIC SUMMARY Summaries consist of specific disclosure requirements, known as "Elements". These Elements are numbered in Sections A E (A.1 E.7). This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of "not applicable". Section A Introduction and warnings A.1 Warnings The Summary is intended as an introduction to the Base Prospectus dated 18 May 2015 (as supplemented by the Supplements dated 17 July 2015 and 6 August 2015 and as further supplemented from time to time) of Goldman, Sachs & Co. Wertpapier GmbH (the "Issuer"). Investors should ensure that any decision to invest in the Securities is based on a review of the entire Base Prospectus, including documents incorporated by reference, any supplements, and the Final Terms. Where claims relating to the information contained in a base prospectus, documents incorporated by reference, any supplements, and the respective Final Terms are brought before a court, the investor acting as plaintiff may, as a result of the laws of individual member states of the European Economic Area, have to bear the cost of translating the base prospectus, the documents incorporated by reference, any supplements, and the Final Terms into the language of the court prior to the commencement of legal proceedings. The Issuer and Goldman Sachs International, Frankfurt Branch as offeror have assumed responsibility for this Summary including the translation of the same. These persons who have assumed responsibility for this Summary or the persons who have tabled the Summary may be held liable, but only in the event that the Summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus, or, when read together with the other parts of the Base Prospectus, does not convey all of the key information required. A.2 Consent to the use of the Prospectus Indication of the offer period The Issuer consents to the use of the Base Prospectus and these Final Terms by all financial intermediaries (general consent). General consent for the subsequent resale or final placement of Securities by the financial intermediaries is given in relation to the Offer State(s) during the Offer Period during which subsequent resale or final placement of the Securities can be made, provided however, that the Base Prospectus is still valid according to Section 9 of the German Securities Prospectus Act. "Offer State(s)" mean(s) the following Member State(s): Belgium, France, Luxembourg and The Netherlands "Offer Period" means the period from (including) the start of offer in the respective Offer State to (including) the expiring of the validity of the Base Prospectus pursuant to Section 9 of the German Securities Prospectus Act. ; the consent is not subject to further conditions. Conditions attached to the consent Information on the terms and conditions of the offer Section B Issuer and any guarantors 1. Information relating to Goldman, Sachs & Co. Wertpapier GmbH as Issuer B.1 Legal and Goldman, Sachs & Co. Wertpapier GmbH ("GSW"). commercial name of the Issuer B.2 Domicile, legal form, legislation In the event that a financial intermediary makes an offer, that financial intermediary will inform investors at the time the offer is made of the terms and conditions of the offer as set out in the Final Terms. GSW is a company with limited liability (Gesellschaft mit beschränkter Haftung) incorporated under the laws of Germany. It has its seat in Frankfurt am Main and has been registered under the number HRB in the commercial register of the local court of Frankfurt am Main since

9 B.4b Known trends affecting the Issuer and the industries in which it operates B.5 Organisational structure B.9 Profit forecasts or estimates B.10 Qualifications in the audit report B.12 Selected historical key financial information regarding the Issuer, statement regarding trend information and significant changes in the financial or trading position of the Issuer 27 November The Issuer expects a further increase in the issuance activity and therefore a higher profit for This is due to increased client demand in warrants and structured products. After comprehensive adjustments of the product documentation and the respective issuance processes with the amendment of the EU Prospectus Directive, a fully automated issuance process is again available. In light of the current market development and volatility, the Issuer, however, does not assume to attain in 2015 the same number of issuances and the results as in the financial year the year with the highest number of issuances. GSW is a wholly-owned subsidiary of The Goldman Sachs Group, Inc. ("GSG" or the "Guarantor") and thus part of the Goldman Sachs group, i.e. GSG and its consolidated subsidiaries (together "Goldman Sachs" or the "Goldman Sachs Group"). Through its offices in the USA and the leading financial centers of the world Goldman Sachs Group is active in the financial services industry, divided into the segments (i) Investment Banking which includes advice with respect to mergers and acquisitions, divestitures, restructurings and spin-offs as well as public offerings and private placements of a wide range of securities and other financial instruments, (ii) Institutional Client Services which includes client execution activities related to making markets in credit products, interest rate products, mortgages, currencies, commodities and shares, (iii) Investing and Lending which includes investments (directly and indirectly through funds) and loans in various asset classes as well as investments by GSG in consolidated investment entities and (iv) Investment Management. ; the Issuer has not made any profit forecasts or estimates. ; there are no qualifications in the audit report of the Issuer on its historical financial information. The following table shows selected key historical financial information in relation to the Issuer which is derived from the audited financial statements as of 31 December 2014 and 2013 and for each of the two years in the period ended 31 December 2014 and 2013: Information in relation to the Profit and Loss Account Statement As of and for the Year ended 31 December December 2013 (EUR) Operating income 527, , Taxation on income -170, , Net income 357, , Balance sheet information 31 December December 2013 (EUR) Total assets 4,574,414, ,443,043, Total capital and reserves 2,873, ,516, There has been no material adverse change in the prospects of the Issuer since the date of the last published audited financial statements (31 December 2014). Since the end of the last financial period for which audited financial information have been published (31 December 2014) no significant change in the Issuer's financial or trading position has occurred.

10 B.13 Recent developments B.14 Dependence of the Issuer upon other entities within the group B.15 A description of the Issuer's principal activities ; there have been no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer s solvency. See B.5. All shares of GSW are held by GSG whereby GSW is dependent on the strategic and operational decisions made by GSG. The purpose of GSW is to issue fungible securities as well as the conduct of financial transactions and auxiliary transactions for financial transactions. GSW is neither engaged in banking transactions as defined in Section 1 of the German Banking Act nor in business operations as defined by Section 34 c of the German Industrial Code. GSW makes contractual arrangements with Goldman Sachs International which enable GSW to fulfil its obligations under the securities issued by it. B.16 Major shareholders GSW is a wholly-owned subsidiary of GSG. All shares of GSW are held by GSG. B.18 Nature and scope of the guarantee The obligations of GSW to pay of the Settlement Amount and any other amounts payable pursuant to the Conditions are unconditionally and irrevocably guaranteed by the guarantee of GSG (the "Guarantee"). The Guarantee will rank pari passu with all other unsecured and unsubordinated indebtedness of GSG. For information on GSG as guarantor please see "2. Information relating to The Goldman Sachs Group, Inc. as Guarantor" below. B.19 Information about the Guarantor 2. Information relating to The Goldman Sachs Group, Inc. as Guarantor B.1 Legal and The Goldman Sachs Group, Inc. ("GSG"). commercial name of the Guarantor B.2 Domicile, legal form, legislation B.4b Known trends affecting the Guarantor and the industries in which it operates B.5 Organisational structure GSG is organised in the State of Delaware in the United States as a corporation pursuant to the Delaware General Corporation Law, having unlimited duration and registration number The Guarantor's prospects for the remainder of 2015 will be affected, potentially adversely, by developments in global, regional and national economies, including in the U.S., movements and activity levels, in financial, commodities, currency and other markets, interest rate movements, political and military developments throughout the world, client activity levels and legal and regulatory developments in the United States and other countries where the Guarantor does business. The Guarantor is a Bank Holding Company and a Financial Holding Company pursuant to US laws. The Guarantor is the parent company of the Goldman Sachs Group. The organisational structure of the Goldman Sachs Group is as follows:

11 B.9 Profit forecasts or estimates B.10 Qualifications in the audit report B.12 Selected historical key financial information regarding the Guarantor, statement regarding trend information and significant changes in the financial or trading position of the Guarantor Note: The percentages given are for direct holdings of ordinary shares or equivalent. Minority shareholdings are held by other entities of Goldman Sachs Group which are themselves owned, directly or indirectly, by GSG. ; the Guarantor has not made any profit forecasts or estimates. ; there are no qualifications in the audit report of the Guarantor on its historical financial information. The following table shows selected key historical financial information in relation to the Guarantor which is derived from the unaudited condensed consolidated financial statement as of 30 June 2015 and for the six months ended 30 June 2015 and 2014 and from the audited financial statements as of 31 December 2014 and 2013 and for each of the two years in the period ended 31 December 2014 and 2013: Earnings information Six months ended 30 June June December As of and for the Year ended December 2013 Total revenues non-interest (in USD millions) 18,164 16,416 30,481 30,814 Net revenues, including net interest income 19,686 18,453 34,528 34,206

12 Pre-tax earnings 5,660 5,842 12,357 11,737 Balance sheet information 30 June December December 2013 (in USD millions) Total assets 859, , ,507 Total liabilities 772, , ,040 Total equity shareholders' 87,654 82,797 78,467 There has been no material adverse change in the prospects (trend information) of the Guarantor since the date of the last published audited financial statements (31 December 2014) which would impair its capability to fulfill its obligations under the Guarantee. There has been no significant change in the financial or trading position of the Guarantor since the date of the last interim financial information (30 June 2015) which would impair its capability to fulfill its obligations under the Guarantee. B.13 Recent developments B.14 Dependence of the Guarantor upon other entities within the group B.15 A description of the Guarantor's principal activities., there are no recent events particular to the Guarantor which are to a material extent relevant to the evaluation of the Guarantor's solvency. See B.5. The Guarantor is a holding company and, therefore, depends on dividends, distributions and other payments from its subsidiaries to fund dividend payments and to fund all payments on its obligations, including debt obligations. Goldman Sachs is a global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Goldman Sachs' activities are conducted in the following segments: 1) Investment Banking: Investment Banking is comprised of: Financial Advisory, which includes advisory assignments with respect to mergers and acquisitions, divestitures, corporate defence activities, risk management, restructurings and spin-offs; and Underwriting, which includes public offerings and private placements of a wide range of securities, loans and other financial instruments, and derivative transactions directly related to these client underwriting activities. 2) Institutional Client Services: Institutional Client Services is comprised of: Fixed Income, Currency and Commodities, which includes client execution activities related to making markets in interest rate products, credit products, mortgages, currencies and commodities; and Equities, which includes client execution activities related to making markets in equity products, and commissions and fees from executing and clearing institutional client

13 transactions on major stock, options and futures exchanges worldwide, as well as over-thecounter transactions. Equities also includes Goldman Sachs' securities services business, which provides financing, securities lending and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds and foundations, and generates revenues primarily in the form of interest rate spreads or fees. 3) Investing & Lending which includes Goldman Sachs' investing activities and the origination of loans to provide financing to clients. These investments, some of which are consolidated, and loans are typically longer-term in nature. Goldman Sachs make investments, directly and indirectly through funds that Goldman Sachs manage, in debt securities, loans, public and private equity securities, and real estate entities. 4) Investment Management which includes provision of investment management services and offering investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional and individual clients. Investment Management also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families. B.16 Major shareholders ; GSG is a publicly-held company listed on the New York Stock Exchange and not directly or indirectly owned or controlled by any shareholder or affiliated group of shareholders. Section C Securities C.1 Type and class of the securities being offered; security identification number C.2 Currency of the securities issue C.5 Restrictions on free transferability C.8 Rights attached to the securities including ranking and including limitations to those rights Type/Form of Securities The present Securities have the characteristic such that the level of the Settlement Amount depends on the development of the Underlying. Euroclear Netherlands Registered Securities issued by the Issuer will be registered with Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V., the Dutch Central Securities Depositary ("Euroclear Netherlands") and issued in uncertificated and dematerialized bookentry form in accordance with the Euroclear Netherlands Rules. Securities in definitive form will not be issued to Security Holders. Securities Identification ISIN: NL WKN: GL4ELU Valor: Commoncode: Mnemonic: 5701H Tranche identifier: I070J-6ZO The Settlement Currency of the Securities is EUR. ; the Securities will be freely transferable. Applicable law The form and content of the Securities and all rights and obligations of the Issuer and of the Security Holders will be governed by, and construed in all respects in accordance with the laws of Germany. The form and content of the Guarantee and all rights and obligations arising out of or in connection with it are governed by the laws of the State of New York. Rights attached to the Securities Each Security grants the Security Holder a right to demand payment of the Settlement Amount on the Settlement Date as described in more detail under C.15 below. The Securities do not bear interest. Status of the Securities The Securities of each Series constitute direct, unsecured, and unsubordinated obligations of the Issuer, which rank equally among themselves and with all other present and future unsecured and unsubordinated obligations of the Issuer, save for those obligations that may be preferred by provisions of law that are mandatory and of general application.

14 C.11 Admission to trading C.15 Description of how the value of the investment is affected by the value of the underlying instrument(s) C.16 Settlement Date, Final Valuation Date C.17 Settlement procedure C.18 Description of how the return on derivative securities takes place. C.19 Reference price of the underlying C.20 Description of the type of the underlying and where the information on the underlying can be Limitations to the rights The Issuer has an ordinary termination right. Moreover, the Issuer is under certain conditions entitled to extraordinary termination of the Securities and to adjustments to the Conditions. Euronext Amsterdam There is a relationship between the economic value of the Securities and the economic value of the Underlying. The value of the Security will typically fall if the price of the Underlying falls. Security Holders of Turbo Long Certificates expect the market price of the Underlying to rise. Turbo Certificates have an unlimited term. The term ends in the event of (i) the occurrence of a Knock-Out Event, (ii) a termination at short notice by the Issuer or (iii) an exercise by the Security Holder. The Security Holders have the right to exercise the Turbo Certificates on each Business Day (American Exercise Style). After exercising the Turbo Certificates the Security Holders will receive a Settlement Amount if the Reference Price exceeds the Current Strike. The Settlement Amount is equal to the amount by which the Reference Price exceeds the Current Strike. The result will be multiplied by the Multiplier and, if applicable, converted into the Settlement Currency. A Knock-Out Event occurs if the Underlying is equal to or below the Current Knock-Out Barrier. In the case of a Knock-Out Event, the Turbo Certificates will expire immediately without the need for separate termination. The Issuer determines the rebate of the Turbo Certificate (the socalled Knock-Out Settlement Amount) which will be paid to the Security Holders. The Knock- Out Settlement Amount is calculated on the basis of the price of the Underlying after the occurrence of the Knock-Out Event and can amount to zero (0). The Issuer adjusts both the Current Strike and the Current Knock-Out Barrier on a regular basis, taking into account the costs associated with the daily financing of the Turbo Certificates. Knock-Out Barrier: The Knock-Out Barrier on the Strike Date is EUR The Knock-Out Barrier will be regularly adjusted. Multiplier: 0.1 Reference Price: Underlying Price on the Final Valuation Date Strike: The Strike on the Strike Date is EUR The Strike will be regularly adjusted. Strike Date: September 24, 2015 Settlement Date: 3rd Payment Date following the Final Valuation Date or the occurrence of a Knock-Out Event or the Termination Date Final Valuation Date: If the Underlying Price is usually determined on a Calculation Date after a.m. CET, the Exercise Date or, if the Exercise Date is not a Calculation Date, the next following Calculation Date. If the Underlying Price is usually determined on a Calculation Date before a.m. CET, the Calculation Date immediately following the Exercise Date. The Exercise Period starts on October 1, 2015 Any cash amounts payable by the Issuer pursuant to the Conditions shall be transferred to the relevant Clearing System for distribution to the Security Holders. The Issuer will be discharged of its payment and/or delivery obligations by payment and/ or delivery to, or to the order of, the relevant Clearing System (or a depositary or nominee thereof) in respect of the amount so paid or delivered. Reference Price: Underlying Price on the Final Valuation Date Type: Index Name of Underlying: AEX-Index Index Sponsor: Euronext Amsterdam N.V. Underlying Price: The official closing price of the Underlying as determined and published by the Index Sponsor. Reference Currency: EUR

15 found. Section D Risks D.2 Key information on the key risks that are specific to the Issuer D.3 Key information on D.6 the key risks that are specific to the securities Website: The Issuer could fail or otherwise be unable to make the payments owing under the Securities. If that happens, you will not have the protection of any deposit insurance scheme and your Securities will not be secured, and you may lose some or all of your money. 1. Risk factors relating to the Guarantor As part of a global financial services group the Guarantor is subject to a number of key risks: Goldman Sachs' businesses have been and may continue to be adversely affected by conditions in the global financial markets and economic conditions generally. Goldman Sachs' businesses and those of its clients are subject to extensive and pervasive regulation around the world. Goldman Sachs businesses have been and may be adversely affected by declining asset values. This is particularly true for those businesses in which Goldman Sachs has net "long" positions, receives fees based on the value of assets managed, or receives or posts collateral. Goldman Sachs' businesses have been and may be adversely affected by disruptions in the credit markets, including reduced access to credit and higher costs of obtaining credit. Goldman Sachs' market-making activities have been and may be affected by changes in the levels of market volatility. Goldman Sachs' investment banking, client execution and investment management businesses have been adversely affected and may continue to be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to general declines in economic activity and other unfavourable economic, geopolitical or market conditions. Goldman Sachs' investment management business may be affected by the poor investment performance of its investment products. Goldman Sachs may incur losses as a result of ineffective risk management processes and strategies. Goldman Sachs' liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets or by a reduction in its credit ratings or by an increase in its credit spreads. A failure to appropriately identify and address potential conflicts of interest could adversely affect Goldman Sachs' businesses. The Guarantor is a holding company and is dependent for liquidity on payments from its subsidiaries, many of which are subject to restrictions. The application of regulatory strategies and requirements in the United States and non- U.S. jurisdictions to facilitate the orderly resolution of large financial institutions could create greater risk of loss for the Guarantor s security holders and the Securities guaranteed by the Guarantor. Goldman Sachs' businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of, or defaults by, third parties who owe Goldman Sachs money, securities or other assets or whose securities or obligations Goldman Sachs holds. Concentration of risk increases the potential for significant losses in Goldman Sachs' market-making, underwriting, investing and lending activities. The financial services industry is both highly competitive and interrelated. Goldman Sachs faces enhanced risks as new business initiatives lead it to transact with a broader array of clients and counterparties and exposes it to new asset classes and new markets. Derivative transactions and delayed settlements may expose Goldman Sachs to unexpected risk and potential losses. Goldman Sachs' businesses may be adversely affected if Goldman Sachs is unable to hire and retain qualified employees. Goldman Sachs may be adversely affected by increased governmental and regulatory scrutiny or negative publicity. A failure in Goldman Sachs' operational systems or infrastructure, or those of third parties, as well as cyber attacks and human error, could impair Goldman Sachs' liquidity,

16 disrupt its businesses, result in the disclosure of confidential information, damage its reputation and cause losses. Substantial legal liability or significant regulatory action against Goldman Sachs could have material adverse financial effects or cause significant reputational harm to Goldman Sachs, which in turn could seriously harm its business prospects. The growth of electronic trading and the introduction of new trading technology may adversely affect Goldman Sachs' business and may increase competition. Goldman Sachs' commodities activities, particularly its physical commodities businesses, subject Goldman Sachs to extensive regulation and involve certain potential risks, including environmental, reputational and other risks that may expose it to significant liabilities and costs. In conducting its businesses around the world, Goldman Sachs is subject to political, economic, legal, operational and other risks that are inherent in operating in many countries. Goldman Sachs may incur losses as a result of unforeseen or catastrophic events, including the emergence of a pandemic, terrorist attacks, extreme weather events or other natural disasters. 2. Risk factors associated with all Securities The Securities are risky investment instruments. Compared to other capital investments, the risk of loss up to the total loss of the invested capital as well as the related transaction costs is high; the Securities do not, unless expressly provided, yield any current income. Due to the leverage effect the Securities may involve disproportionate risks of loss compared to a direct investment in the Underlying. The Securities may be physically settled. There is a risk that the delivered Underlying or Basket Component may only have a very low value or may, in fact, be worthless. In this case, there is a risk of losses up to the total loss of the invested capital as well as the related transaction costs. Furthermore, Security Holders bear the issuer and securities risks of the deliverable Underlying or Basket Component. Securities with participation factor include the risk of the Security Holder s participation being disproportionately lower or higher than any price fluctuations of the Underlying and/or Basket Components. The Securities may pay fixed or variable interest. In the case of Securities with variable interest payment, Security Holders should consider that the interest payments may fall to zero (0), have an upper limit or be dependent on a condition. In the case of Securities with a fixed interest rate, Security Holders should note that they do not participate in an increase in market interest rates. The Securities may have no liquidity or the market for such Securities may be limited and this may adversely impact their value or the ability of the Security Holder to dispose of them. Security Holders should consider that price movements of the Underlying and/or Basket Components (or the non-occurrence of an expected price movement) may decrease the value of the Security disproportionately and even render it worthless and that there is no assurance that in the case of Securities with a limited term, the price of the Security will recover in time. There is then the risk of partial or total loss of the invested capital including transaction costs. The performance of the Securities may be linked to the performance of the Underlying and/or Basket Components which may be affected by national and international financial, political, military or economic events, including governmental actions, or by the activities of participants in the relevant markets. Any of these events or activities may adversely affect the value of the Securities. Where payments under the Securities will be made in a currency which is different from the currency of the Underlying and/or Basket Components and such Securities do not have a "quanto feature", i.e. currency hedging feature, the Security Holders are exposed also to the performance of the currency of the Underlying and/or Basket Components, which cannot be predicted. Furthermore, the Security Holder bears a currency risk if the account of the Security Holder to which the Settlement Amount or other amounts is paid

17 is held in a currency other than the currency of the Security. Security Holders should be aware that they may not be able to hedge their exposure from the Securities. A credit financing of the acquisition of Securities significantly increases the risk of loss to Security Holders. Hedging transactions of the Issuer, the Guarantor or companies affiliated with them may have a significant effect on the price performance of the Underlying and/or a Basket Component and may thus cause a violation of certain thresholds. Fees and other transactions costs reduce the chances of the Security Holder generating a profit from the purchase of the Security. Security Holders are exposed to the risk of wrong assessment of the Securities liquidity due to the issue size mentioned in the Final Terms. Market disruptions, adjustment measures and termination rights may negatively affect the rights of the Security Holders. Corrections, supplements or modifications of the Conditions may be detrimental for Security Holders. Security Holders should consider that right to terminate the Securities may be excluded if the correction, supplement or modification was foreseeable or is not disadvantageous for them. If the Issuer has the right to redeem the Securities prior to maturity, a Security Holder is exposed to the risk that due to early redemption his investment will have a lower than expected yield. Changes in tax law could adversely affect the value and/or the market value of the Securities or may change the tax treatment of the relevant Securities. Security Holders should note that in the case of a subscription period the Issuer reserves the right to end the subscription period early or to extend it and that the Issuer is not obliged to accept subscription applications or to issue subscribed Securities. In the case of Securities cleared through CREST Investors in CDIs will not be the legal owners of the Securities to which such CDIs relate. CDIs are separate legal instruments from the underlying Securities and represent indirect interests in the interests of CREST International Nominees Limited in such underlying Securities. CDIs will be issued by the CREST Depository to investors and will be governed by English law. 3. Risk factors associated with certain types of Securities Risk factors relating to the unlimited term of the Turbo Certificates and to the Issuer s extraordinary and ordinary termination right Turbo Certificates do not have a fixed term limitation (Open End). The term of the Turbo Certificates begins on the Issue Date and ends either: when a term-ending event defined in the Conditions (Knock-Out Event) occurs, or when exercised by the Security Holder, or when the Turbo Certificates are terminated by the Issuer pursuant to the Conditions. The Issuer has the right to extraordinary termination of the Turbo Certificates. The Issuer furthermore has the right to ordinary termination of the Turbo Certificates by notice. The Issuer exercises its termination right in its reasonable discretion and is not subject to any commitments regarding the exercise of its termination right. The exercise of the termination right may occur on any day. The higher the volatility of the Underlying or the more illiquid the market in financial instruments linked to the Underlying (including the futures and lending market), the more likely it is that the Issuer will make use of its termination right. In the case of an extraordinary termination the Security Holder normally no longer has any possibility to exercise its Security Right and/or to sell the Turbo Certificates on the secondary market. Therefore, Security Holders should not rely on being able to hold a position in the Turbo Certificates for a longer time. Return and reinvestment risk in the case of ordinary or extraordinary termination of the Turbo Certificates by the Issuer The term of the Turbo Certificates is generally unlimited. The term may, however, be terminated through an ordinary or an extraordinary termination by the Issuer, as the case may be. In these cases, the Security Holder bears the risk that its expectations with respect to an increase in the price of the Turbo Certificates can no longer be satisfied due to the termination. It must furthermore be considered in the case of a termination that the Security Holder bears the reinvestment risk. This means that the Security Holder may only be able to reinvest the

18 Termination Amount to be paid by the Issuer in the case of a termination on less favourable market terms than those existing when the Turbo Certificate was acquired. Risk of a total loss in the case of the occurrence of a Knock-Out Event Security Holders in Turbo Certificates bear the risk that the Turbo Certificates expire worthless during their term, if a so-called Knock-Out Event has occurred. A Knock-Out Event occurs, if a certain event occurs, which relates to the price of the Underlying compared to a predefined price or value threshold. If a Knock-Out Event occurs, the term of the Turbo Certificates ends automatically, the Security Right or the right to payment of a Settlement Amount expires automatically and the Turbo Certificates expire worthless, subject to a potential payout of the residual price of the Turbo Certificates. Security Holders should note in this context that the price of the Turbo Certificates is reduced disproportionately compared to classical warrants, if the price of the Underlying approaches a Knock-Out Barrier. It must be noted that in the case of Turbo Long Certificates, the probability that a Knock- Out Event occurs is increased due to the recurring adjustment of the Knock-Out Barrier while the price of the Underlying remains constant. In the case of Turbo Short Certificates, the probability that a Knock-Out Event occurs is increased due to the recurring adjustment of the Knock-Out Barrier, while the price of the Underlying remains constant, if the Reference Rate falls below the Interest Margin. The longer a Security Holder holds the Turbo Certificates in these cases, the higher is the risk of loss of the invested capital. The Knock-Out Barrier depends on the Knock- Out Buffer. The Knock-Out Buffer in turn corresponds to a percentage rate determined by the Issuer when issuing the Turbo Certificates, the amount of which may be adjusted during the term of the Turbo Certificates on certain Knock-Out Adjustment Dates up to a Maximum Knock-Out Buffer. Security Holders should note that the probability that a Knock-Out Event occurs increases if the Knock-Out Buffer is increased, since the distance between the Knock-Out Barrier and the price of the Underlying is reduced in this case. It cannot be ruled out that a Knock-Out Event may be triggered on a Knock-Out Adjustment Date merely due to the adjustment of the Knock-Out Buffer. It must also be noted that during the occurrence of a Knock-Out Event and the phase during which the Knock-Out Reference Price is determined, no continuous bid and ask prices are quoted for the Turbo Certificates on the secondary market by Goldman Sachs. Furthermore, no continuous bid and ask prices will be quoted for the Turbo Certificates on the secondary market by Goldman Sachs outside of the trading hours of the Underlying, if Goldman Sachs expects a Knock-Out Event to occur due to different price indicators than the official Underlying Price of the relevant Underlying. It must also be considered that Security Holders may suffer a total loss of the invested capital, if Goldman Sachs should not succeed in cancelling the hedge position for a Knock-Out Reference Price above the Current Strike (in the case of Turbo Long Certificates) or below the Current Strike (in the case of Turbo Short Certificates). Security Holders cannot rely on being able to exercise their Security Rights at all times prior to the occurrence of a Knock-Out Event. Even if all other exercise preconditions set forth in the Conditions are fulfilled, an exercise is impossible on the day on which a Knock-Out Event occurs. All submitted Exercise Notices that have not been executed become automatically void on the occurrence of the Knock-Out Event. Risk due to the leverage effect Due to the leverage effect the Turbo Certificates involve disproportionate risks of loss compared to a direct investment in the Underlying. 4. Risk factors associated with certain types of Underlyings Depending on the Underlying(s) and/or Basket Components to which the Securities give exposure, Security Holders are exposed to further risks stemming from the type of Underlying or Basket Components and the behavior of their market prices as the Settlement Amount a Security Holder may receive according to Conditions depends on the development of the price of the Underlying and/or Basket Components. The types of Underlyings and/or Basket Components provided for in the Base Prospectus differ significantly as per their typical price volatility. Security Holders should only invest in Securities if they are familiar with the relevant Underlying and/or relevant Basket Components and have a comprehensive understanding of the type of Underlying and/or Basket Components itself, the market and other rules of the relevant Underlying and/or Basket Components. 5. Risk factors associated with conflicts of interest between Goldman Sachs and Security

19 Section E Offer E.2b Reasons for the offer and use of proceeds when different from making profit E.3 Description of the terms and conditions of the offer E.4 Any interest that is material to the issue / offer Holders Conflicts of interest relating to the Underlying The Issuer and other companies of Goldman Sachs deal in the Underlyings or in components of the Underlying or in option or futures contracts relating thereto in their ordinary course of business and from time to time participate in transactions connected to the Securities for their own account or for the account of others. These activities may have negative effects on the value of the Underlying and thus on the price of the Securities and the amount of a potential Settlement Amount. The Issuer may use part or all of the proceeds from the sale of the Securities for hedging transactions. These hedging transactions may affect the price of the Underlyings or of the components of the Underlying that is formed on the market. The Issuer and other companies of Goldman Sachs may receive non-public information in relation to the Underlying or components of the Underlying, but are not obligated to pass on such information to the Security Holders. Furthermore, companies of Goldman Sachs may publish research reports in relation to the Underlying or components of the Underlying. Activities of the aforementioned nature may entail conflicts of interest and have an effect on the price of the Securities. Conflicts of interest in connection with the determination of purchase prices The purchase price of the Securities may, where appropriate in addition to fixed issue surcharges, management fees or other fees, contain surcharges that are not transparent to the Security Holder on the initial mathematical "fair" price of the Securities. Conflicts of interest in connection with commission payments It must be noted that the selling price of the Securities may contain commissions charged by the Market Maker for the issue or which may be passed on by the Market Maker to distribution partners in whole or in part as consideration for distribution activities. Conflicts of interest in connection with the Market Making by Goldman Sachs International Goldman Sachs will in its function as Market Maker take the directly opposite economic position to the Security Holder immediately with or immediately after the trade and will either offset, hedge, or hold this position. The prices quoted by the Market Maker may differ significantly at the relevant time from the fair price or the price of the Securities to be expected economically. Furthermore, the Market Maker may change the method based on which it determines the quoted prices at any time. Any such deviation from the fair price of the Securities may cause the bid and ask prices quoted by other security traders for the Securities to differ significantly (both upwards and downward) from the bid and ask prices quoted by the Market Maker. Conflicts of interest relating to the various functions of Goldman Sachs in connection with the Issue The Issuer and other companies of Goldman Sachs may where appropriate carry out various functions in connection with the offer and the sale of the Securities, for example as issue agent, Calculation Agent, Paying and/or Administration Agent. Due to the various functions and the obligations resulting from them in each case, conflicts of interest may arise both among the relevant companies of Goldman Sachs and between them and the Security Holders. Interests of third parties involved in the Issue The Issuer can involve cooperation partners and external advisors in the issuance of Securities. It is possible that these cooperation partners and advisors may also pursue their own interests in the course of their activity and act not only in the interest of Security Holders. ; the proceeds from the Securities are used to hedge the payment obligations arising from the issuance of the Securities pursuant with agreement with Goldman Sachs International and for purposes of the Issuer's ordinary business activities. Issue Price on the Issue Date: EUR 1.48 The Issuer and other companies of Goldman Sachs as well as third parties involved in the issue of the Securities may have conflicting interests that are detrimental to the investor. Conflicts of interest in relation to the Underlying The Issuer and other companies of Goldman Sachs deal in the Underlyings or in components of

20 including conflicting interests the Underlying or in option or futures contracts relating thereto in their ordinary course of business and from time to time participate in transactions connected to the Securities for their own account or for the account of others. These activities may have negative effects on the value of the Underlying and thus on the price of the Securities and the amount of a potential Settlement Amount. The Issuer may use part or all of the proceeds from the sale of the Securities for hedging transactions. These hedging transactions may affect the price of the Underlyings or of the components of the Underlying that is formed on the market. The Issuer and other companies of Goldman Sachs may receive non-public information in relation to the Underlying or components of the Underlying, but are not obligated to pass on such information to the Security Holders. Furthermore, companies of Goldman Sachs may publish research reports in relation to the Underlying or components of the Underlying. Activities of the aforementioned nature may entail conflicts of interest and have an effect on the price of the Securities. Conflicts of interest in connection with the determination of purchase prices The purchase price of the Securities may, where appropriate in addition to fixed issue surcharges, management fees or other fees, contain surcharges that are not transparent to the Security Holder on the initial mathematical "fair" price of the Securities. Conflicts of interest in connection with commission payments It must be noted that the selling price of the Securities may contain commissions charged by the Market Maker for the issue or which may be passed on by the Market Maker to distribution partners in whole or in part as consideration for distribution activities. It must be considered that the payment of these commissions to distribution partners may lead to conflicts of interest for the detriment of the Security Holder. Conflicts of interest in connection with the Market Making by Goldman Sachs International If Goldman Sachs International as market maker (the "Market Maker") does make a market for the Securities, Security Holders should note that delays may occur during the price determination, which may for example result from Market Disruptions or system problems. Goldman Sachs will in its function as Market Maker take the directly opposite economic position to the Security Holder immediately with or immediately after the trade and will either offset, hedge, or hold this position. The prices quoted by the Market Maker may differ significantly at the relevant time from the fair price or the price of the Securities to be expected economically. Furthermore, the Market Maker may change the method based on which it determines the quoted prices at any time. Any such deviation from the fair price of the Securities may cause the bid and ask prices quoted by other security traders for the Securities to differ significantly (both upwards and downward) from the bid and ask prices quoted by the Market Maker. Conflicts of interest relating to the various functions of Goldman Sachs in connection with the issue The Issuer and other companies of Goldman Sachs may where appropriate carry out various functions in connection with the offer and the sale of the Securities, for example as issue agent, Calculation Agent, Paying and/or Administration Agent. It is furthermore also possible that companies of Goldman Sachs act as counterparty in hedging transactions in connection with the obligations of the Issuer under the Securities or as Market Maker. Due to the various functions and the obligations resulting from them in each case, conflicts of interest may arise both among the relevant companies of Goldman Sachs and between them and the Security Holders. It must be considered in particular in connection with the function as Calculation Agent that conflicts of interest may occur, since the Calculation Agent has the right in certain cases that are specified in the Conditions to make certain determinations, which are binding for the Issuer and Security Holders. Such determinations may have a negative effect on the price of the Securities and be correspondingly disadvantageous for the Security Holder. Interests of third parties involved in the Issue The Issuer can involve cooperation partners and external advisors in the issuance of Securities, for example for the composition and adjustment of a basket or Index. It is possible that these cooperation partners and advisors may also pursue their own interests in the course of their activity and act not only in the interest of Security Holders. E.7 Estimated expenses The investor may subscribe or purchase the Securities at the Issue Price or the purchase price.